Group 1 - The stock price of Yunyi Electric is reported at 12.70 yuan, down 0.73 yuan or 5.44% from the previous trading day [1] - The opening price was 13.28 yuan, with a high of 13.46 yuan and a low of 12.59 yuan, and the trading volume reached 535,700 hands with a transaction amount of 694 million yuan [1] - The company specializes in the research, production, and sales of automotive electronics and semiconductor-related products, operating in sectors such as automotive parts and semiconductor concepts [1] Group 2 - On August 14, the net outflow of main funds was 61.63 million yuan, accounting for 0.57% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 41.62 million yuan, representing 0.38% of the circulating market value [1] - The company stated on the interactive platform that it will continue to optimize investor relations management to enhance communication efficiency with the market [1]

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证券研究报告 汽车 行业深度报告 hyzqdatemark 2025 年 08 月 14 日 投资评级： 看好（维持） 李泽 SAC：S1350525030001 lize@huayuanstock.com 板块表现： 国七标准渐进，尾气后处理环节或将 迎来新一轮迭代周期 证券分析师 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 移动源尾气排放污染分担率居前，机动车尾气治理至关重要。近年来，随着汽车普 及率提升，机动车尾气排放已成为大气污染主要源头之一，根据生态环境部数据， 目前机动车 NOx 排放量占全国 NOx 排放总量的 34%以上，其中重型货车占机动车 NOx 排放量达到 80%。对于大部分城市中心城区，机动车排放已经成为 PM2.5 的首 要贡献者，北京、深圳、成都等大型城市机动车污染排放占比超过 40%，机动车尾 气治理形势依然严峻。从汽车各类尾气污染物生成机理和主要后处理路径角度，汽 油机/柴油机生成的主要污染物分别是 CO、HC/NOx、颗粒物，国六标准下其对应的 主流后处理路线分别是：汽油机 TWC+GPF，柴油机 DOC+DPF+SCR+ASC。 他山之石，可以攻玉，欧七 ...

证券代码：300304 证券简称：云意电气 公告编号：2025-046 江苏云意电气股份有限公司 关于股票交易异常波动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 4、公司、控股股东和实际控制人不存在关于公司应披露而未披露的重大事 项，或处于筹划阶段的重大事项。 5、股票异常波动期间，公司控股股东、实际控制人不存在买卖公司股票的 行为。 三、不存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据《深圳证券交易所创业板股票上市 规则》等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意 向、协议等；董事会也未获悉公司有根据《深圳证券交易所创业板股票上市规则》 等有关规定应予以披露而未披露的、对公司股票及其衍生品种交易价格产生较大 一、股票交易异常波动的具体情况 江苏云意电气股份有限公司（以下简称"公司"）股票连续 3 个交易日（2025 年 8 月 7 日、2025 年 8 月 8 日、2025 年 8 月 11 日）内收盘价格涨幅偏离值累计 超过 30%，根据《深圳证券交易所交易规则》的有关规定，属于股票交易异常波 动的情形 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [16]. Core Views - The company is positioned as a leading player in the automotive electronics sector, with a focus on intelligent core electronic products and vertical integration of the supply chain, which enhances its competitive edge [6][7]. - The establishment of a joint venture with Chanjin Group is expected to significantly boost the company's business volume, particularly in areas such as intelligent driving domain controllers and power domain controllers [15]. - The company's revenue and profit are projected to maintain robust growth, driven by the expansion of its sensor, intelligent wiper system, semiconductor, and new energy connector products [16]. Summary by Sections Company Overview - Yunyi Electric focuses on automotive intelligent core electronic products and has established a comprehensive industrial layout over the past two decades, including various subsidiaries specializing in different automotive electronic components [6][8]. Business Segments - The company has stable revenue from its smart power controllers, which generated 1.42 billion yuan in revenue, accounting for 66.4% of total revenue, with a gross margin of 33.6% [6]. - Growth segments include intelligent wiper systems, semiconductor power devices, and sensor products, which are expected to expand rapidly [7][8]. Financial Performance - The company has shown strong revenue growth from 2020 to 2024, with revenues increasing from 840 million yuan in 2020 to 2.15 billion yuan in 2024, representing a CAGR of 26.5% [8]. - The gross margin has remained stable, with a slight increase projected from 31.7% in 2024 to 30.5% in 2025 [8][16]. Market Position - The company is a leader in the smart power controller market, with a projected market share of 27.4% in 2024, benefiting from established relationships with major automotive manufacturers [10][15]. - The nitrogen oxide sensor market is expected to grow significantly due to stricter emission standards, with the company positioned to capture a share of this market through its proprietary technology [11][12]. Future Outlook - Revenue forecasts for 2025 to 2027 are 2.6 billion yuan, 3.08 billion yuan, and 3.62 billion yuan, respectively, with net profits expected to reach 480 million yuan, 575 million yuan, and 682 million yuan [16][18].

Core Viewpoint - Yunyi Electric plans to establish a joint venture with Chanzhi Group, focusing on various automotive electronic control systems, which is expected to enhance its market position and drive growth in its business segments [1][14]. Company Overview - Yunyi Electric specializes in automotive intelligent core electronic products, with a vertically integrated supply chain that enhances its competitive edge [2]. - The company has established multiple subsidiaries over the years, expanding its product offerings in automotive electronics, including power controllers, sensors, and other components [2][3]. Business Segments - The company categorizes its business into stable growth and growth segments, with stable revenue from smart power controllers and emerging revenue from smart wiper systems, semiconductor power devices, and sensor products [2][4]. - In 2024, the revenue breakdown shows smart power controllers contributing 14.2 billion yuan (66.4% of total revenue) and emerging segments like smart wipers and sensors contributing smaller but significant portions [2]. Financial Performance - Yunyi Electric has maintained robust revenue growth from 2020 to 2024, with projected revenues increasing from 8.4 billion yuan in 2020 to 21.5 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 26.5% [4]. - The company's gross margin has remained stable, with a slight increase projected from 29.7% in 2022 to 31.7% in 2024, indicating effective cost control and operational efficiency [4]. Market Position - The company is positioned as a leader in the smart power controller market, with a projected market share of 27.4% in 2024, benefiting from long-term relationships with major automotive manufacturers [6][14]. - The market for nitrogen oxide sensors is expected to grow significantly due to stricter emission standards, with a projected demand of 18 million units annually, translating to a market size of 14 billion yuan [7]. Strategic Partnerships - The joint venture with Chanzhi Group, which holds a significant stake in Changan Automobile, is expected to facilitate rapid entry into Changan's supply chain, enhancing the sales of various products including smart power controllers and sensors [14]. - The collaboration aligns with Changan's ambitious production goals, including a target of 5 million vehicles by 2030, which will likely drive demand for Yunyi Electric's products [14]. Future Outlook - Revenue forecasts for 2025 to 2027 predict continued growth, with expected revenues of 26.0 billion yuan in 2025 and 36.2 billion yuan in 2027, supported by the expansion of sensor and smart wiper system sales [15].

Group 1 - The core point of the article is that Yunyi Electric has signed a memorandum of joint cooperation with Chen Zhi Automotive Technology Group to establish a joint venture focused on automotive and motorcycle electronic products [2] - The joint venture aims to leverage the core strengths of both companies to meet the product supply requirements of Chen Zhi Group and its subsidiaries while also expanding into external markets [2] - The joint venture is intended to become a full-stack high-tech enterprise covering research and design, manufacturing, and market sales [2]

Core Viewpoint - Yunyi Electric (300304.SZ) has signed a memorandum of cooperation with Chen Zhi Automotive Technology Group to establish a joint venture focused on automotive and motorcycle electronic products [1] Group 1: Joint Venture Details - The joint venture will leverage the core strengths of both companies to meet the product supply requirements of Chen Zhi Group and its subsidiaries while also expanding into external markets [1] - The registered capital of the joint venture is tentatively set at 40.23 million yuan, with Chen Zhi Group holding a 70% stake and Yunyi Electric holding a 30% stake [1] - The memorandum serves as a record of the preliminary negotiations and does not impose any legal obligations on either party [1]

证券代码：300304 证券简称：云意电气 公告编号：2025-045 江苏云意电气股份有限公司 关于签署《合资合作备忘录》的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次签署的《合资合作备忘录》仅用于记录双方前期已谈判内容，相关 合作内容对合作双方不具有法律约束力，最终合作内容由合作双方履行相应的决 策审批程序，并签署正式合作协议后确定。 2、本《合资合作备忘录》的签署不会直接对公司 2025 年度财务状况、经营 成果产生重大影响。 3、公司将根据《深圳证券交易所创业板股票上市规则》和《公司章程》的 相关规定，对合作后续事项的进展情况履行相应的审批程序和信息披露义务，敬 请广大投资者注意投资风险。 一、备忘录签署概述 江苏云意电气股份有限公司（以下简称"公司"）与辰致汽车科技集团有限公 司（以下简称"辰致集团"或"合作方"）于近日签署了《合资合作备忘录》（以下 简称"备忘录"），双方拟依托各自核心优势，深度聚焦汽车及摩托车电子电器产 品领域，共同出资设立合资公司，满足辰致集团及其下属企业的相关产品配套要 求并面向外部市场拓展相关业 ...

Group 1 - The core viewpoint of the news is that Yunyi Electric (300304) has shown a slight increase in stock price, with a closing price of 9.66 yuan, reflecting a 0.1% rise as of July 29, 2025 [1] - The company reported a total operating revenue of 523 million yuan for Q1 2025, representing a year-on-year growth of 10.55% [1] - The net profit attributable to shareholders decreased by 6.57% year-on-year, amounting to approximately 97.24 million yuan [1] Group 2 - The company has a current ratio of 3.520 and a quick ratio of 2.969, indicating strong liquidity [1] - The debt-to-asset ratio stands at 23.31%, suggesting a relatively low level of financial leverage [1] - Yunyi Electric has made investments in 13 companies and participated in 23 bidding projects, showcasing its active engagement in the market [2]